BP plc, originally the Anglo-Persian Oil Company, is a British multinational oil and gas company headquartered in London. Its history spans over a century, from early oil discoveries in Persia to becoming a global energy giant through mergers, acquisitions, and diversification into renewables.
Oil is struck at Masjed Soleiman in Persia (modern-day Iran), leading to the formation of the Anglo-Persian Oil Company. This discovery marks the beginning of BP's history and the Middle Eastern oil industry. #oil #history
The Anglo-Persian Oil Company (APOC) is incorporated in London, with William Knox D'Arcy as a key founder. The company secures a 60-year concession to explore and produce oil in Iran. #oil #business
The British government acquires a controlling 51% stake in APOC to secure oil supplies for the Royal Navy, which is converting from coal to oil. This national security investment shapes the company's future as a state-backed enterprise. #oil #government
APOC ships its first significant quantities of crude oil from the Persian Gulf to global markets, establishing the company as a major supplier. The Abadan Refinery, opened in 1912, becomes a key asset. #oil #trade
Following Reza Shah's request to use 'Iran' instead of 'Persia', APOC is renamed the Anglo-Iranian Oil Company (AIOC). The company continues its dominant role in Iran's oil industry until nationalization. #oil #history
The Iranian parliament votes to nationalize the oil industry, seizing AIOC's assets. The move, led by Prime Minister Mohammad Mossadegh, sparks a major international crisis and years of legal battles. #oil #nationalization
After the 1953 coup, a new consortium grants AIOC a 40% stake (along with other Western companies) in Iranian oil production. AIOC is renamed British Petroleum (BP) in 1954. #oil #history
BP discovers the Forties oil field in the UK North Sea, one of the largest in the region. This marks BP's entry into North Sea oil production, which becomes a cornerstone of its operations. #oil #northsea
The company officially changes its name from Anglo-Iranian Oil Company to British Petroleum (BP) to reflect its expanded global operations beyond Iran. The iconic green shield logo is introduced. #oil #brand
The Forties Field starts producing oil, helping the UK become self-sufficient in oil. BP's North Sea operations drive significant revenue and technological innovation in offshore drilling. #oil #production
BP is a major partner in the Trans-Alaska Pipeline System (TAPS), which begins transporting oil from Prudhoe Bay. This opens up vast Alaskan oil reserves, making BP a key player in the U.S. market. #oil #alaska
BP acquires the remaining shares of Standard Oil of Ohio (Sohio), gaining full control of its U.S. assets. Sohio gives BP a major refining and marketing presence in the United States. #acquisition #oil
The UK government sells its remaining 31.5% stake in BP, completing the privatization process that began in the late 1970s. BP becomes a fully private company listed on the London Stock Exchange. #privatization #business
BP returns to Kuwait after the Gulf War to assist in extinguishing oil well fires. This rebuilds BP's reputation in the Middle East and leads to new contracts for oil field rehabilitation. #oil #kuwait
BP announces a $48 billion merger with Amoco, forming BP Amoco. The deal creates one of the world's largest oil companies and strengthens BP's position in the U.S. and globally. #merger #oil
The merger with Amoco is completed, and the company is renamed BP Amoco p.l.c. The combined entity has operations in 100 countries and significant upstream and downstream assets. #merger #business
BP buys Atlantic Richfield Company (ARCO) for $27 billion, gaining extensive Alaskan oil and gas reserves and a strong West Coast refining and marketing network. The deal finalizes after regulatory approvals. #acquisition #oil
BP acquires Burmah Castrol, a UK-based lubricants company, for $4.7 billion. This enhances BP's lubricants business and adds the Castrol brand to its portfolio. #acquisition #lubricants
BP and Alfa Group/ Access Renova form TNK-BP, a 50-50 joint venture combining their Russian oil and gas assets. TNK-BP becomes a major Russian oil producer, giving BP access to Russian resources. #oil #russia
A leak is discovered in BP's Prudhoe Bay pipeline in Alaska, leading to a partial shutdown and investigation. The incident tarnishes BP's safety record and results in fines. #oil #safety
Tony Hayward succeeds John Browne as CEO of BP. Hayward emphasizes safety and operational efficiency, but his tenure is later overshadowed by the Deepwater Horizon disaster. #leadership #oil
BP marks the centenary of the first major oil discovery in Persia. The company reflects on its transformation from a Persian concession to a global energy major. #anniversary #oil
The Deepwater Horizon drilling rig explodes in the Gulf of Mexico, killing 11 workers and causing the largest marine oil spill in history. BP, as the operator, faces massive cleanup costs, legal liabilities, and reputational damage. #disaster #oil
Bob Dudley replaces Tony Hayward as BP CEO to manage the aftermath of the Deepwater Horizon spill. Dudley focuses on rebuilding trust, divesting assets, and stabilizing BP's finances. #leadership #oil
BP and Rosneft announce a strategic alliance for Arctic exploration and a share swap. The deal is later blocked by BP's partners in TNK-BP, highlighting tensions in Russia. #oil #arctic
BP sells its 50% stake in TNK-BP to Rosneft for $12.5 billion in cash and a 19.75% stake in Rosneft. The deal makes BP the largest private shareholder in Rosneft and simplifies BP's Russian operations. #oil #russia
BP agrees to pay $18.7 billion to settle claims by the U.S. government and five Gulf states for damages from the 2010 oil spill. The settlement is the largest in U.S. history and allows BP to focus on future growth. #legal #oil
BP announces the discovery of the Thunder Horse South extension in the Gulf of Mexico, one of the largest finds in the region since the Deepwater Horizon spill. This signals BP's return to exploration in the Gulf. #oil #discovery
BP acquires a 43% stake in Lightsource, a European solar energy company, renaming it Lightsource BP. This marks BP's renewed push into solar energy and renewables. #solar #renewables
BP buys BHP Billiton's onshore U.S. oil and gas assets for $10.5 billion, significantly expanding its footprint in the Permian Basin. This is BP's largest acquisition since the Deepwater Horizon spill. #acquisition #oil
BP sells its entire Alaska oil and gas business to Hilcorp Energy for $5.6 billion, exiting the state after 60 years. The sale is part of BP's strategy to divest mature assets and focus on core regions. #divestment #oil
Bernard Looney takes over as BP's CEO, announcing a new vision to become a net-zero emissions company by 2050 and reorganize into a more diversified energy company. #leadership #energy
BP unveils plans to cut oil and gas production by 40% by 2030 and increase investment in renewables to $5 billion annually. The company restructures into 11 new teams to focus on low-carbon energy. #netzero #energy
BP agrees to sell its 30% stake in the Khazzan gas field in Oman to a consortium led by OQ, raising cash for its energy transition. The deal aligns with BP's divestment strategy. #divestment #gas
BP posts record annual profits of $27.7 billion in 2022, driven by high oil and gas prices following Russia's invasion of Ukraine. The profits spark debate over windfall taxes and energy transition investment. #profits #energy
BP completes its $4.1 billion acquisition of Archaea Energy, a leading U.S. renewable natural gas (RNG) producer. This strengthens BP's position in the biogas market and supports its net-zero goals. #acquisition #renewables
BP announces new offshore wind projects, including a major investment in the ScotWind leasing round off Scotland, aiming to build 2GW of wind capacity by 2030. #wind #renewables